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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (17026)	11/29/2004 12:02:01 AM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

China banks suddenly plum picks Elliot Wilson A rather curious thing is happening to China's lumbering banks. While still as unwieldy as a woolly mammoth, to many foreign lenders they're suddenly as nimble as a Thomson's gazelle. Recent months have seen a rash of buy-ins at mainland lenders but next year will be busier still. Beijing wants to beef up its financial sector ahead of its full opening in 2007, and plans to sell shares in many of its largest financial institutions next year, markets permitting. It is also busy unshackling its grip over the country's 12 joint-stock and 112 city commercial banks (CCBs). Next year will be the perfect time for foreign banks to come in because if they wait until 2007, many rivals will have already become strongly competitive and will have built up strong niches in the Chinese market, Xinhua Finance managing director of credit ratings Ivan Chung said. ``There will be a number of tie-ups over the next year and a half,'' said Tim Krause, senior manager, East Asia and the Pacific at the International Finance Corp (IFC), the private sector arm of the World Bank. Next year could be the peak year, but it all depends what happens with China's economy. thestandard.com.hk